International Payments Information Guide - CommBank

International Payments Information Guide

8 August 2022

This guide includes: ? International Money Transfers ? Foreign Cheques/Bills (not accepted in any

currency from 10 October 2022) (Excludes Travel Money Card and Foreign Cash)

006-740 110422

Contents

Section 1 ? Important Information

3

About this document

3

About our services

3

Banking Code of Practice

3

Privacy

3

Section 2 ? Other Information

4

Exchange rates

4

Using correspondent banks and their commissions, fees or other charges

4

More about correspondent banks

4

International Money Transfers (IMTs), privacy consent and authorisation

5

Anti-Money Laundering (AML), Counter - Terrorism Financing (CTF) and Sanctions

5

Payment processing and fees

5

Delayed payment

6

Inward International Money Transfer (IMT)

6

Outward International Money Transfer (IMT)

6

Making payments using mobile numbers

6

Receiving and collecting payments sent to an international mobile

7

How we use your information

7

Payment returns, amendments or cancellations

7

How to request an IMT Investigation

8

Foreign cheques (not accepted in any currency from 10 October 2022)

8

Dishonours

8

Missing consignments

8

Limitation of liability

8

Notice period for changes to our services

9

Customer advocate

9

Complaint Handling

10

Where to get help

10

Please Note: This Guide is intended as general information only and does not take into account your individual objectives, financial situation or needs. You should obtain and consider the information in the Product Disclosure Statement or Terms and Conditions (T&Cs) in relation to your own personal circumstances before making any decision about any product or service.

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Section 1 ? Important Information

About this document

This document explains some of the international payment services (excluding travel money and foreign cash) that Commonwealth Bank of Australia (CommBank) offers. It is a guide only and you still need to read carefully the applicable Terms and Conditions for your payment service and the Standard Fees and Charges for International Payments and Travel Funds. For information about Travel Money, please refer to the Travel Money Card Product Disclosure Statement and Conditions of Use available at .au.

About our services

We offer a range of international services to make it as easy as possible for you to: ? transfer and receive money from overseas ? buy foreign currency ? deposit foreign cheques to your accounts (not accepted in any currency for new accounts opened on or after 11 April

2022). Note: For all accounts, Foreign Cheques/Bills will not be accepted in any currency from 10 October 2022.

Banking Code of Practice

The Banking Code of Practice (the Code) is a Code of Conduct CommBank subscribes to as a member of the Australian Banking Association. The Code sets standards of good banking practice. It applies to accounts that are held by individuals or small business customers. You can get a copy of the Code by: ? downloading it ? requesting a copy from any CommBank branch ? calling us on 13 22 21 between 8am and 8pm Monday to Friday (AEST) and asking us to send you a copy.

Privacy

We collect your personal information to: ? identify you for the Anti-Money Laundering/ Counter-Terrorism Financing Act 2006 ? share with third parties to complete transactions ? use in line with our Group Privacy Statement. Our Group Privacy Statement describes how we collect and handle your information, as well as: ? other ways we may collect, use or exchange your information ? how you may access and seek correction of the information ? how to make a complaint about a breach of your privacy rights ? our complaint handling procedures. To see our Group Privacy Statement: ? go to our website ? ask at any CommBank branch. It's also a good idea to check our CommBank website regularly for any updates to our Group Privacy Statement.

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Section 2 ? Other Information

Exchange rates

We provide foreign exchange rates on our website, but please keep in mind that they're indicative only. Your exchange rate gets worked out and applied when your transaction is confirmed ? regardless of when we process the payment.

Using correspondent banks and their commissions, fees or other charges

We may need to use a correspondent bank in processing your payment. A correspondent bank is an overseas bank who provides services to either us or the beneficiary bank, and act as an intermediary to facilitate the international payment. Any bank who receives the payment instruction may apply a processing fee, which under market practice, they will deduct from the payment itself. For certain currencies we ask the correspondent bank to not deduct their processing charges from the payment, but rather direct their processing charges back to us. CommBank will pay these charges on your behalf for transactions where the payment currency is different to the debit currency (cross-currency) for selected currencies. This does not include any charges deducted by beneficiary banks.

Please Note: CommBank is not liable for any costs or losses arising from the actions of other banks, including those we have appointed as correspondent banks.

More about correspondent banks

Correspondent banks may convert a payment to a different currency to reach the beneficiary bank. This can occur specifically if the payment is not in the local currency of the country the payment is being sent to. For example, a payment being sent in Australian dollars to New Zealand. This conversion may happen even if we request the correspondent bank not to convert the payment. If this happens, the CommBank is not liable for any losses resulting to you or the beneficiary. If this happens, we will investigate if we can get the unwanted conversion remediated for you. International payments are generally paid to the beneficiary within three (3) business days from the time we have received your payment instruction. There are times where it will take longer, specifically due to: ? the regulatory requirements and market practices of overseas banks; ? market disruptions impacting either payment processing or funding; ? system outages at CommBank, a correspondent or beneficiary bank; ? screening processes associated with international sanctions; ? additional controls and screening on first time beneficiaries; or ? the currency of the payment is not the local currency of the destination country.

Please Note: the CommBank is not liable for any costs, losses or damages from the processing of your transaction where we have acted in good faith. In addition, the correspondent bank has no obligation to you and you have no right to claim against any correspondent bank for services they provide to CommBank.

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International Money Transfers (IMTs), privacy consent and authorisation

By using our international services, you're giving us your authority and consent to disclose your personal information to an overseas correspondent bank and relevant regulatory authority. This authority and consent is necessary so we are authorised to complete your instruction to send or receive an IMT and respond to an Anti-Money Laundering (AML), Know Your Customer (KYC) or Sanctions request.

Overseas recipients of your personal information may not be subject to Australian Privacy laws. Unfortunately, this means you may not be able to seek any redress if the overseas recipient breaches the Privacy Act 1998 (Cth).

Anti-Money Laundering (AML), Counter- Terrorism Financing (CTF) and Sanctions

We have the right to delay, block or refuse any payment or transaction, without telling you why or incurring any liability, if:

? you haven't provided all of the information we need ? processing the transaction would contravene any legal requirement or industry code of Australia or another country ? processing the transaction contravenes any of our Anti-Money Laundering, Counter-Terrorism Financing, sanctions

or anti-bribery and corruption policies. You must provide us with all information which we reasonably require, and comply with any Australian or international law. We also have the right to disclose information concerning you or any person named in the payment instruction to any law enforcement, regulatory agency or court, where an Australian or other jurisdiction's law requires us to do so.

You can read more about our Anti-Money Laundering and Counter-Terrorism Financing policies on our website.

Payment processing and fees

We'll accept and process your payment instructions in line with:

? the Electronic Banking Terms and Conditions ? the Terms and Conditions or Product Disclosure Statements (PDS) for your product or service ? the Terms and Conditions for the CommBank app, NetBank or CommBiz (where relevant); and ? The Foreign Currency Account Terms and Conditions.

We process payments Monday to Friday, except on public or bank holidays. We also have cut-off times ? so any payments received after this time will be processed on the next business day.

Sometimes, circumstances beyond our control ? such as requirements and practices of overseas banks and regulators ? may lengthen timeframes. In these situations, we are not liable for any resultant loss or shortfall.

We may decline to process the transaction if we believe in good faith that doing so may:

? breach local or international laws, such as Anti-Money Laundering or sanctions regulations; ? cause you or us to lose money (e.g. a fraudulent transaction or scam); or ? expose you or us to unreasonable risk.

In some circumstances, we may also suspend your access to electronic banking or not process a transaction, without having to provide you notice, where we reasonably consider it is necessary to comply with, for example, our financial crimes policies, any laws in Australian or overseas, or to manage any risk.

Where reasonably possible, we may contact you to discuss the details of your transaction ? and we'll give you notice of our decision to decline a transaction if we can. If we have refused to process a transaction in good faith, we won't be liable for any loss or damage suffered.

To find out more about fees and charges on the services, or any costs we incur from other banks such as a payment trace, amendment or cancellation, go to Standard Fees and Charges for International Payments and Travel Funds.

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